Not Without a Fight

This rally isn’t going down without a fight. The better than expected jobs report is this morning’s catalyst, sending S&P futures 13 points higher to break out of the little channel from which they broke down yesterday.

Yes, it’s all very confusing – especially since the Fed just cut rates based on what is ostensibly pretty decent data. And, with a little more of a push from algos, SPX could make new highs this morning.What isn’t confusing, however, is that VIX has held important support and our 2s10s model is still signalling a downturn — meaning this pop should be faded.